- 2 -
we believe this updated resource will enhance the potential project life and increase long-term,sustainable benefits to our stakeholders in the region.” Mr. Salamis summarizes, “Edgewater’sshareholders and the Corcoesto stakeholders have a valuable gold asset with over 1 million M&Iounces hosted in a first world jurisdiction. In addition, all of us are benefitting from ademonstrated willingness shown by all levels of government and the local communities to helpsee Corcoesto through to development and gold production. We are encouraged by the fact thatthese new gold resource parameters will contribute to the overall project economics in theupcoming Feasibility Study which will be tabled in the coming months.”The Updated 2013 Resource Estimate also evaluated the Corcoesto Gold Project at various cut-off grades ranging from 0.5 g/t Au to 0.8 g/t Au. Results are as follows;
Table 2 - Corcoesto Gold Project Mineral Resource Estimate at various cut-off gradesResource Category Cut-off Tonnes (kt) Au (g/t) Gold (koz)
Measured 0.5 14,910 1.34 6440.6 13,160 1.45 6130.7 11,586 1.56 5800.8 10,170 1.67 546Indicated 0.5 9,298 1.28 3830.6 8,059 1.39 3610.7 6,960 1.51 3380.8 6,065 1.63 317Measured + Indicated 0.5 24,208 1.32 1,0270.6 21,219 1.43 9740.7 18,546 1.54 9180.8 16,235 1.65 863Inferred 0.5 5,321 1.21 2070.6 4,854 1.27 1980.7 4,234 1.36 1850.8 3,733 1.44 173
Mineral resources were classified following the guidelines of the JORC Code (2012) an accepted reporting code in terms of Canadian National Instrument 43-101.2.
Mineral resources are constrained within a Whittle pit shell based on a gold price of US$1,400/oz.3.
Numbers may not compute due to rounding.4.
All grades have been quoted in grams per tonne (g/t) for the resource inventory.5.
Density values were assigned in relation to an oxide surface; no further distinction between freshand oxide material has been made within this resource estimate.6.
There are no known legal, political, environmental or other risks that could materially affect the potential development of these mineral resources
Highlights of the Updated Measured and Indicated 2013 Resources include;
Measured and Indicated resources have increased to over one million ounces providing asignificantly greater confidence in the deposit2)
The Corcoesto Resource holds together well at higher cut off grades providing anopportunity to potentially mine higher grades during the initial years of operation3)
All zones remain open for expansion through further exploration.